Tax for the money I earned from selling my condo

[heangjinpark]

I  sold my condo as I move from Chicago to Los Angeles. I haven't done to the cash I got from the sales, mainly because I need the money for covering some living expenses in the much more expensive city, and I'm not ready for buying a house here, either. What should I expect if I keep the money tax-wise, and what is the best way to save tax?

[xmasbaby0]

What you do with the money from selling your home is not relevant.   The last time it mattered whether you re-invested in another home was 1997.

SALE OF HOUSE

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

• If you are using online TT, you need Premier or Self-Employed software to report the 1099-S
• .https://ttlc.intuit.com/questions/1901135-i-sold-my-home-at-a-loss-is-this-deductible

[Bsch4477]

Buying another home from the proceeds doesn’t save you from dealing with the tax due on any profit you had from selling your condo. If you lived in the condo for 2 of the last 5 years, you can exclude 250K /500K of capital gains from taxes.